This Week in Startups E984: Vice Ventures Founding Partner Catharine Dockery raised $25M to invest in vices: marijuana, sextech, gambling, alcohol, vaping; shares insights on hacking her way into VC through cold emails & a strong investment thesis, capitalizing on early markets hungry for investment
Oct 4, 2019
Catharine Dockery, Founding Partner of Vice Ventures, discusses her pioneering venture capital firm focused on taboo industries like cannabis, sextech, and gambling. She shares her journey of raising a $25M fund and her unique investment thesis centered on harm reduction. Dockery also recounts the surprising responses she received while reaching out to investors, including Marc Andreessen. Topics like the appeal of psychedelics and the complexities of gambling investments highlight the shifting perceptions in the marketplace.
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Vice Clause Discovery
- Catharine Dockery pitched Bev, a canned rosé business, while interviewing for VC roles.
- VCs loved Bev but couldn't invest due to their "vice clauses."
Vice Clause Restrictions
- Traditional VC firms often have "vice clauses" that restrict investments in certain industries.
- These clauses prohibit investment in alcohol, cannabis, nicotine, sex tech, online gambling, esports, and sometimes even pork.
Cold Email Success
- Catharine Dockery secured funding from Marc Andreessen through a cold email.
- Andreessen found the Vice Ventures thesis clever and necessary, highlighting the depth of the vice clause issue.